Originally Posted by
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Interpretation is the problem here. I understand I have stayed away from Fibs, thus far, as no two people seemed to agree on how best to position them.
So, as Monthly charts are the easiest to start our schooling, I have drawn some Fibs about the attached Cable chart.
I have numbered them as follows:In the past cheapest low to the latest high of the comprehensive move (Black) The (Blue) Fib is the very first one I'd have drawn, assuming I had been in the trade since Sep 2000. It retraced but less far as the 38 level and then continued up into the following (Crimson) high in which it did retrace fully into the 38 level areas of transfer (2) (3) Fib (Green) is the current Fib for the Previous low/high on the Monthly I realise there are moves within moves, rather than a lot people trade the Monthly, but I am trying to get the basics of a correct approach (or at least some sort of consensus) on the way to draw standard Fibs. It's easiest on the Monthly.